Question # 1

To promote capital investment in a country, what is essentially required is.

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Basic infrastructure

Bank credit

Law and ordered

Stock broker

The government constructed a new water reservoir for the purpose of irrigation; this might be taken as

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increase in supply of capital

increase in supply of land

increase in supply of land and supply of capital

none of these

The law of demand will not be apply in case of

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Inferior goods

Superior goods

Normal goods

Non of them

MU curve

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rises left to right

is always vertical

falls left to right

is always horizontal

Extension of supply will take place as a consequence of:

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Change in price

Change in population

Change in technology

Change in money supply

Which laws are always subjected to certain conditions.

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Social

Political

Moral

Economic

Economics laws are:

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Statements of tendencies in economic behaviour

Unrealistic to deal with real economic problems.

Absolute and certain like the laws of physical science

Used to forecast the growth rate of an economy.

In which form the largest percentage of national income is earned

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interest income

proprietor's income

employees' income

rental income

Change in total cost on the production of one additional unit of output is calculated as .

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Marginal cost

Average cost

Total cost

Marginal product

One of the following will not be the income of a person.

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Wages

Profit

Sccholarship

Salary

One or more persons living together and having a common budget is called

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union

organisation

household

house members

Economic profit is

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part of total cost

total revenue minus total cost

total revenue minus variable cost

total variable cost minus total fixed cost

A decrease in demand causes the equilibrium price to

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rise

fall

remain constant

indeterminate

Members of a public limited company in Pakistan are.

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5 to 50

10 to 100

7 to any number

only 5

A firm decides to shut down production temporarily when

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MC start rising

AC stat rising

price = AC

price falls below AVC

Scarcity means

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non availability of goods

high price of goods

less supply than demand

high profit of the firms

Which one is increasing function of price

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demand

utility

supply

consumption

When a firm using a fixed amount of land and capital takes on more workers, it finds that marginal product(MP) of labour falls but the average product(AP) of labour rises. This can be explained by the factors that

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MP of labour is grater than AP of labour

additional workers are more efficient

MP and AP are equal

AP is maximum

Three basic economics problems are

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what, how and for whom

why, where and when

what, which and how much

what, which and why

In economics, one or more persons sharing common consumer budget is called

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social group

consumer union

organisation

household

Members of business partnership in Pakistan are:

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2 to 20

5 to 20

2 to 25

2 to 3

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